Mwananchi Credit Limited on Wednesday unveiled an 8- year repayment plan for teachers and civil servants’ loans.
According to a statement by Mwananchi Credit Executive Director Dennis Mombo, the 96-month extension was as a result of the groups commitment to ease financial burden on borrowers following the adverse effects of COVID- 19.
Previously, civil servants and members of the Teachers Service Commission (TSC) had to pay their loans within 72 months (six years).
“Civil servants have been the backbone of the nation for decades, contributing to some of the most critical economic sectors,” said Mombo.
“Their investment has been responsible for the development of most satellite towns in Kenya.”
TSC members and civil servants access Mwananchi Credit Loans on the salary check- off loan platform.
Mombo further revealed that the group was considering more options to provide relief to its customers to make them resilient to COVID- 19 related disruptions. Some of the options include salary check-off loan buyoffs from related financial service providers.
“Civil servants are vital economic engines in the country, and they have helped make our economy strong. We will continue to provide every business and individual with the most effective response possible during these times of uncertainty,” he added.
Mwananchi Credit Limited has cut a niche as the most trustworthy institution for Logbook financing. It offers a conducive salary check- off product for government employees to attain financial stability.